Yoreevo’s rebates (“Commission Rebates”) are contingent upon our ability to receive the total commission from the listing broker, sponsor or seller. The rebate displayed is an estimate based on the asking price and the commission displayed on the Real Estate Board of New York (REBNY) Listing Service or OneKey Stratus. While the data should be accurate, we cannot make any such guarantee. The exact amount of any Commission Rebate will depend on the actual sale price of the property and may change during the closing process due to changes in the terms of sale, and will only be finalized at closing.
The Commission Rebate may be restricted, reduced or prohibited by your lender, New York State law, federal law and other parties.
How is the rebate calculated?
The Commission Rebate is subject to a $7,500 minimum retained by Yoreevo. The actual Commission Rebate is calculated as the lesser of either a) Two-thirds of the buyer broker commission collected, or b) buying broker commission collected less $7,500.
How and when is the rebate paid?
The Commission Rebate is paid to the buyer by check after the closing. The buyer may elect to have the Commission Rebate applied as a credit on the closing statement instead if permissible by purchase contract, lender, New York State law and federal law. The listing broker, sponsor and seller are also required to agree to such a credit on the closing statement.
Unless instructed otherwise in writing by the purchaser, a Commission Rebate will only be issued to the purchaser of the property. Absent such notice, the recipient must be listed on the deed for a condominium or house or share certificate for a co-op which transfers ownership at closing.
Yoreevo reserves the right to edit these terms at any time. However, all transactions currently under contract will be unaffected by any such changes. Edits posted to the Yoreevo website will service as notice to all prospective buyers to the changes.
When you engage Yoreevo to sell your property in an exclusive right to sell agreement, we charge a commission of 1% of the sale price on the listing (selling) side, subject to a $7,500 minimum.
In addition, if the buyer for your property uses another real estate broker, you will be responsible for the offer of compensation to the buyer’s broker. This is known as a “co-broke.” Most commonly in New York City, that is 2.5% or 3% of the sale price. There is no required co-broke amount. A co-broke must be offered but it can be nominal ($1 for example). Assuming the common 2.5% or 3% co-broke, your total commission (Yoreevo + co-broke) will be 3.5% or 4%.
If Yoreevo finds a buyer (i.e. the buyer does not have a broker), Yoreevo charges an additional 1% (also subject to a $7,500 minimum) for a total commission of 2% (or $15,000, if applicable).